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The Theory Of The Firm Under Perfect Competition
Question
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Explain the motivation behind granting patent rights.

Answer

It is like a reward to firms to encourage research leading to discovery and inventions (of new product and technology).

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Some More Questions From The Theory Of The Firm Under Perfect Competition Chapter

What is perfect competition?  

Name the market structure in which firm is itself an industry.

 Define the term market as used in economics.

What is meant by monopolistic competition?

What are selling costs?

Define homogeneous product.

What is meant by differentiated product?

 Define perfect competition.

 Is the seller under perfect competition a price maker or a price taker? 

Define monopoly.